BUZZ-EMEA mining to embrace strategic change in 2026, says JP Morgan

J.P. Morgan discourages sticking to the status quo in its 2026 outlook for EMEA mining and steel, as it remains bullish overall on the sector while a strategic paradigm shift in critical minerals is underway

“2026 will see global miners embrace proactive strategic change to reposition for future opportunities in copper, gold, lithium and new frontiers,” the broker says, highlighting the U.S. and Argentina as new frontiers

Antofagasta (ANTO.L) remains JPM’s top pick for EMEA metals and mining, highlighting sector-topping growth and return on capital employed (ROCE) in copper

The broker also sees Rio Tinto (RIO.L) as its conviction large-cap play, with an abundance of value to unlock in 2026 under its new CEO

On the European steel sector, JPM says it has high conviction for earnings recovery and higher EU steel share prices in 2026, reiterating “overweight” ratings for Voestalpine (VOES.VI) , SSAB (SSABa.ST) and ArcelorMittal (MT.LU)

The broker downgrades Salzgitter (SZGG.DE) to “underweight” from “equalweight”, citing a share overhang after media reports of key shareholder GP Günter Papenburg planning to divest its stake in the German steel group

The broker is bullish on gold, with Fresnillo (FRES.L) as its top pick in the UK and EU and the London-listed shares of Anglogold (AU.N) as a top pick for global investors

COMPANY RATING OLD RATING PT OLD PT

Salzgitter Underweight Neutral EUR 27.90 EUR

(SZGG.DE) 28.50

Antofagasta Overweight No change GBP 35 GBP 34

(ANTO.L)

Rio Tinto (RIO.L) Overweight No change GBP 69.50 GBP 61

Fresnillo (FRES.L) Overweight No change GBP 43 No

change

AngloGold (AU.N) Overweight No change $131 $128

ArcelorMittal Overweight No change EUR 45 EUR 42

(MT.LU)

Voestalpine Overweight No change EUR 43.40 EUR

(VOES.VI) 43.70

SSAB (SSABa.ST) Overweight No change SEK 78 SEK 73